CHICAGO, Jan. 14, 2020 /PRNewswire/ -- According to the new market research report "Sports Analytics Market by Sports Type (Individual and Team), Component, Application (Performance Analysis, Player Fitness and Safety, Player and Team Valuation, and Fan Engagement), Deployment Model, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the global Sports Analytics Market size is expected to grow from USD 1.9 billion in 2019 to USD 5.2 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 22.0% during the forecast period.
Major factor fuelling the Sports Analytics Market growth is the rising user engagement for using AI-based tools and technologies, which increases the performance of players and athlete's performance and the ability of coaches to track players performance.
Cloud segment, among deployment models, to grow at a higher CAGR during the forecast period
The Sports Analytics Market by deployment model is segmented into on-premises and cloud deployment models. The cloud segment is expected to grow at a higher CAGR during the forecast period due to the increasing digitalization trends, which enables players to reach the growing number of worldwide audiences. The adoption of cloud-based sports analytics solutions is increasing, as it provides business enterprises with analytical capabilities to understand player performance by providing dashboards, which give detailed view about individual player performance.
Performance analysis segment to grow at the highest CAGR during the forecast period
The Sports Analytics Market by application has been segmented into performance analysis, player fitness and safety, player and team valuation, fan engagement, and broadcast management. The performance analysis segment is the key segment, which helps coaches and players monitor dashboards having a detailed statistical analysis of players performance for improving performance during the match. A rise of fans engagement in stadiums in the sports platforms and the emergence of various data-driven solutions are the factors projected to drive the growth of this application.
North America to hold the largest market size during the forecast period
North America is the most significant revenue contributor to the Sports Analytics Market. The region is witnessing significant developments in the Sports Analytics Market. Several sports analytics solution providers in North America are experimenting in the market by integrating advanced technologies, such as Artificial Intelligence (AI) and Internet of Things (IoT), with their existing sports analytics solutions. They are also adopting various growth strategies to strengthen their positions in the overall market.
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